Bank of America CEO Brian T. Moynihan assured its 208,000 employees not to worry about their jobs or their salary payments for 2020.
“We dont want our teammates to worry about their jobs during a time like this,” Moynihan told CNBCs Jim Cramer on Friday. “We told them all; theres no issue, youre all going to be working now through year-end. No layoffs, no nothing.”
“Well continue to pay everybody, even those who cant work from home because the type of work they do isnt doable from home.
Moynihan explained in the interview that the bank was better prepared for the COVID-19 induced crisis because they had learned from the 2008 crisis and had some regulatory safeguards in place.
“Whats different this time is clearly our capital liquidity,” Moynihan said. “Everything that changed has led the banking industry be in a great condition to service clients continuously for the last few weeks as this thing has hit.”
“Were going to make sure we maintain strong capital ratios and strong liquidity right through this crisis,” Moynihan said, referring to the worldwide economic crisis sparked by the introduction of stringent safety measures hoping to slow down the spread of the Chinese Communist Party virus, also known as the novel coronavirus.
NTD refers to the novel coronavirus, which causes the disease COVID-19, as the CCP virus because the Chinese Communist Partys coverup and mismanagement allowed the virus to spread throughout China and create a global pandemic.
The second-largest bank in the nation based in Charlotte, North Carolina, granted over $50 billion in loans this month and is currently processing more than 150,000 deferral requests over car loans and mortgages to offer a grace period to its Main Street customers, Reuters reported.
“Weve put our capital to work to increase the new lines of credit, the draws in lines of credit, the access to markets,” Moynihan told Read More – Source